The borrowing figure for the year to March was £132bn, £19.8bn lower than last year and just slightly below the Office for Budget Responsibility’s forecast of £132.7bn.
The drop of nearly £20bn to £132bn was reported by the Office for National Statistics (ONS).
Tom Hayes (Image: Roger Harris)
Tom Hayes, the Labour MP for Bournemouth East said: “The nation’s deficit is down £19.8bn because the government cut borrowing.
“Britain must live within our means and bring down our borrowing costs.”
However, analysts have warned that borrowing could rise again if inflation increases, particularly given the recent conflict involving Iran.
The war has driven up energy prices due to the closure of a key waterway that carries about 20 per cent of the world’s oil and liquid natural gas.
Mr Hayes said: “After inheriting a £2.7 trillion deficit, on which we pay £105 billion each year just on interest, we must cut borrowing.
“In an insecure world, we must do all we can to get costs down for the state, recognising that the state’s money is taxpayers’ money.
“We also cannot lose sight of the need to achieve energy security as we cut the cost of living.”
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